sensex target for jun 2013
sensex spot index today closed at 19545 with loss of 65 points while sensex jun future closed at 19605 with 60 points premium over spot rate.s
on daily chart,now sensex slipped below 3 month average level of 19560.while on above that 19850 is month and week average level and strong resistance from short term view.on indicators sensex momentum already in hands of sellers and triggered sell signal at 20k on daily chart.
on downside,19300-18800 and 18200 are support zones of previous bottoms.while on weekly and monthly chart also initial correction pattern seen.
for month of jun 2013,sensex below 19900 remain sell or bearish zone.and so strategy remain sell on rise here.on downside traders can expect 19325 as first target while if fall below that then 18900 as second target.below 18900 extreme bearish positions will develop for sensex.
on upside traders can hope for reversal on long side only if close above 19900 and sustain for 1 trading session above it.in that case target will set on higher side and they may be 20300 and then 20900.these are spot index level for futures must add premium/discounts.